Proteome Share News (PRM)

(Alliance News) - Life sciences firm Proteome Sciences PLC said Thursday momentum continued to build in the first half of 2019, with losses improving after revenue jumped and costs fell.

For the six months ended June, the pretax loss improved to GBP410,000 from GBP1.4 million the year prior. This was after revenue rose 31% to GBP1.7 million from GBP1.3 million the year before.

Profit performance was helped by a sharp fall in administrative costs to GBP1.2 million from GBP2.0 million the year prior.

"Performance during the first six months of 2019 was very encouraging, building on the momentum developed in the second half of 2018," Chief Executive Jeremy Haigh said.

"Recognised revenues from our services platform were significantly ahead of the equivalent period in 2018 and, most importantly, we issued a record number of quotes for new business in the second quarter, a fundamental lead indicator of future customer engagement," Haigh added.

Services revenue surged 30% to GBP350,000 from GBP270,000 the year prior.

"Administrative costs continue to reduce, and cash reserves are stronger; as a consequence, the company is beginning to demonstrate a much-anticipated level of fiscal stability and growth which should enable some near-term investment that will be vital if we are to remain competitive in such a rapidly developing market," Haigh continued.

"We are confident that our commercial strategy is starting to gain traction after a slow start early in 2018 and, with the promise of a stronger second half which has been characteristic of previous years, we expect to report further progress", Haigh concluded.

Shares in Proteome were 4.7% lower at 3.58 pence in London on Thursday.